Standard Chartered Bank Nigeria has announced significant changes to its banking services that will affect thousands of customers across the country. The international bank revealed plans to close all personal banking accounts that fail to meet a new minimum balance requirement of N7.5 million by February 2026.
New Banking Segment Strategy
The dramatic shift in banking policy forms part of Standard Chartered's strategic move to phase out its Personal Banking segment while introducing what it calls the Emerging Affluent segment. According to an official notice sent to customers titled "Important Notice: Branch Network and Segment Update," accounts that do not meet the N7.5 million Assets Under Management (AUM) threshold by the February 28, 2026 deadline will be automatically closed.
Bank representatives confirmed to Legit.ng that customers unable to meet the new financial requirement should consider transferring their funds to alternative banking institutions before the cutoff date. The bank has offered assistance through its remaining branches to help customers navigate this transition.
Branch Network Reduction
In addition to the account restructuring, Standard Chartered will implement substantial changes to its physical presence across Nigeria. Beginning January 15, 2026, the bank will shut down several branches as part of ongoing efforts to optimize services and enhance customer value through digital transformation and streamlined operations.
The bank assured customers that despite the branch closures, its online and mobile banking platforms will remain fully operational, enabling clients to manage accounts, conduct transactions, and access banking services remotely. According to reports, only selected branches in Lagos, Abuja, and Rivers State will continue operations after the restructuring.
Meeting Regulatory Requirements
Separately, Standard Chartered Bank confirmed that it has already met the Central Bank of Nigeria's N200 billion minimum capital requirement for national commercial banks ahead of the 2026 regulatory deadline. Chief Executive Officer Dalu Ajene stated that this achievement reflects the bank's confidence in Nigeria's economic prospects and its commitment to supporting clients while contributing to the country's financial growth.
The banking institution remains one of Nigeria's leading financial service providers, and this strategic repositioning signals its focus on serving higher-value clients in the evolving Nigerian financial landscape.
